
The 10 best personal finance books of 2022
These 10 money-themed books can help you improve your finances.
Late payment is a money term you need to understand. Here’s what it means.
A late payment is an amount of money a borrower sends to a lender or service provider that arrives after the date that the payment was due or after a grace period for the payment has passed.
How much a payment is late and other factors can have a negative impact on a person’s credit score and, indeed, their ability to obtain credit at a favorable rate.
Regardless of the reason, there are several consequences to making late payments, including:
Payments that are less than 30 days late often do not show up on someone’s credit report, unless they occur frequently. When they do show up, they can remain on that person’s credit report for up to seven years, after which they fall off automatically.
Occasionally, people can avoid the negative consequences of a late payment by sending a letter explaining the why the payment is late to the creditor or service provider. The key is to remain in contact. Once a delinquent account is turned over to a collection agency, the account holder can never get that account current again.
Even late payments that aren’t that severe can affect a person’s credit score. Fair Isaac Corp., the credit scoring company, says the general criteria for any impact they would have is how recent the late payments are, how severe they are and how frequently they occur.
In addition, late payments are categorized on a person’s credit report by the number of days late — 30 days, 60 days, 90 days, 120 days and 150 days, or as charged off because of their severe delinquency.
George and Jean were busy planning for the wedding of their daughter, Mary Jean, and didn’t remember to make their car payment. By the time they realized it, they were 40 days delinquent on their auto loan.
To stem the fallout from being overdue, George immediately called the bank and volunteered to make a late payment with a credit card to keep the loan from becoming any more delinquent.
These 10 money-themed books can help you improve your finances.
There are many ways scammers can steal identities and use them for gain, usually of a financial nature.
A significant portion of Americans experience financial worries.
Identity theft is a term that covers a variety of crimes in which someone steals another person’s personal information.
Look for a plan with a reputable provider that offers services that make you feel confident.
If you discover the breach early and act without delay, you could minimize the damage.
Here’s a breakdown of where identity theft occurs most often, according to FTC data.
Stay alert and don’t think identity theft can’t happen to you.
You can report ID theft to the FTC and your local police department.